In the last five trading days, all the major U.S. stock market indices have declined 10.5%-12.5%. Indeed, the only other times the S&P 500 lost 10% in a week were in October 1987, April 2000, September 2001 and October 2008.

Not exactly fun times.

Every day last week, there was a new round of corporate warnings. And some companies admitted they cannot assess the damage being done to their businesses. Compounding the problem is the growing list of cancelled conferences and companies curbing business travel.

As the shock of the expanding coronavirus wreaked havoc on the markets last week, our position has been investors would be reassessing the impact to global growth and corporate earnings.

We are starting to see some firms share their updated views on the earnings damage and it ain't pretty. And this is likely just the beginning of the forecast updates. Given the continued spread of the virus we are likely to see more downward revisions in the days ahead.

What's next for the market? Key economic numbers and earnings reports will certainly provide some answers this week.

Key Economic Reports This Week

Normally, we would begin talking about what's on tap for Monday. However, late Friday, China published its NBS (National Bureau of Statistics) Manufacturing PMI for February. The manufacturing purchasing managers index dropped to a record low 35.7, vs. the 50.0 reading recorded for January, showing the effects of the coronavirus on factory activity in China.

Odds are this data, along with February PMI data to be published early Monday morning for China, Japan and the eurozone from IHS Markit, will set the tone for how the markets start the week.

Friday, March 6: February Employment Report; January Consumer Credit report.

Retail Earnings Take Center Stage

There will be a considerable downtick in the volume of quarterly earnings reports this week as well as a pronounced shift toward retail. We'll be looking for comments as to how supply chains may be impacted by the coronavirus.

After Tuesday's market close, shares of Big Lots (BIG) dropped more than 20% in aftermarket trading as the retailer missed profit expectations for the December quarter and said it expects a "challenging" first quarter of 2020 partly on supply-chain disruptions due to the "novel coronavirus health emergency." Odds are this won't be the only retail company to be affected.

Here's a look at the corporate earnings reports we'll be most focused on next week:

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